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Technical Analysis for BTCUSD for 29th June 2023

Bitcoin Consolidates, BTC Resistance Remains at $31.3k

Past Performance of BTC

At spot rates, there is nothing to write home about BTC. Prices remain within a consolidation, moving below $31.3k and above the primary support zone at between $29.8k and $30k. Even though buyers are optimistic, the rejection of higher highs can be a concern for bulls. Still, with prices consolidating horizontally, the breakout direction could shape the short-to-medium-term trajectory.

Bitcoin Technical Analysis

Buyers are confident; every low should theoretically provide entries for buyers targeting $31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below $30k. Conversely, there could be a reprieve if there are gains above $31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below $31.3k and $29.8k, respectively.

What to Expect from BTC

Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.

Resistance level to watch: $31.3k

Support level to watch: $29.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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